New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    Mr. P invested Rs. ‘2x’ in scheme ‘A’ offering

    simple interest of 20% p.a. and reinvested the interest earned from scheme ‘A’ at the end of 4 years in scheme ‘B’ offering compound interest of 20% p.a. compounded annually. If total amount received from scheme ‘B’ after 2 years is Rs. 1008, then find the value of ‘8x’.
    A 3000 Correct Answer Incorrect Answer
    B 3200 Correct Answer Incorrect Answer
    C 3500 Correct Answer Incorrect Answer
    D 3600 Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    According to question; 1.44 × {0.2 × 4 × 2x} = 1008 Or, {0.20 × 4 × 2x} = 700 Or, x = 437.5 So, 8x = 8 × 437.5 = 3500

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